Shell Acquires 30% Stake in Equinor's Bay du Nord Deepwater Oil Project Off Newfoundland

Shell has agreed to acquire a 30% stake in Equinor's Bay du Nord offshore oil project in Canada, located off the coast of Newfoundland and Labrador. The deal marks a significant new partner entry into the project, which carries an estimated capital investment of C$14 billion (approximately $9.8 billion US).

The transaction comes roughly three months after Equinor consolidated full ownership of Bay du Nord by acquiring BP's non-operated 37.2% stake in July 2026. Equinor is now bringing Shell in as a partner, retaining the operatorship of the project. BW Offshore is currently conducting front-end engineering and design work on the project's floating production, storage and offloading vessel, with that FEED phase expected to conclude by the end of 2026.